Anonymous wrote:I lose sleep over all of this constantly as my father has so many different accounts. He has a ton of money in the stock market. He is a day trader in his late 70's. He does well and it keeps him busy, but it stresses me out. What would I do if something happened tomorrow?
My mom has made a list of all the accounts and they recently worked with a lawyer who I thought they were setting up a trust with, but my dad is stubborn and refuses to do that, so I'm not sure what they did with the lawyer, maybe prepare for probate?
Luckily, they do not own a home, they currently rent. So that's one thing I wouldn't have to deal with.
They live in PA, I live in VA.

I would hope with the day trading you kept the cost basis (price when he purchased the stock) otherwise his taxes are a mess and the IRS will tune in. If he didn't do a trust, half goes to the government unless the accounts are in your mom's name too. I think the tax system is stills et up so whatever she inherits of the stock gets a new cost basis based on the day of his death. Without that the stocks are a waste if you cannot track the price when they were purchased.

I lose sleep over all of this constantly as my father has so many different accounts. He has a ton of money in the stock market. He is a day trader in his late 70's. He does well and it keeps him busy, but it stresses me out. What would I do if something happened tomorrow?
My mom has made a list of all the accounts and they recently worked with a lawyer who I thought they were setting up a trust with, but my dad is stubborn and refuses to do that, so I'm not sure what they did with the lawyer, maybe prepare for probate?
Luckily, they do not own a home, they currently rent. So that's one thing I wouldn't have to deal with.
They live in PA, I live in VA.

Anonymous wrote:I considered it an opportunity to learn, but that's just me, and there was no other beneficiary. Probate was not a problem. The Probate Court personnel were very helpful: fill out this form - return it by this date, do this, do that. I didn't hire a lawyer. Not pushing that approach, just saying ... it can be done without, if the situation is not complicated.

Time after that, I was the executor again, and knew so much more.

+1. First go to the court. They provided a 6 or 7 page packet neatly outlining the steps. Such as, fill out this form first. Document names and addresses of anyone getting proceeds. Fill out a basic table on all assets and values. Etc. It was an easy process that did not require the expense of a lawyer. You will still have to ready and sell the house and car, etc. The process was not as bad as people make it out to be. It does take time though because you may have to clean out a house and sell off stuff before you can finalize everything. Liquidating furniture and jewelry, etc. can take time and it can drag on longer than one likes because of these tasks. But the probate fees and taxes were surprisingly small. All in all, it’s not as bad as people make it sound. The probate clerk and office were cheerful and always accessible for questions. Absolutely no lawyer was needed.